Aussies forego spending, increase savings
Australians don’t have less cash to spend, they’re just saving considerably more, new research suggests, with tax and interest rate cuts since mid-2019 not providing their intended stimulus for the economy.
Australians are saving 36 per cent more in 2019 than in 2014, while reliance on credit cards has decreased in favour of debit cards, research conducted by ANZ and Roy Morgan has found, suggesting that Australia’s financial wellbeing has improved over the last five years despite tough economic conditions, such as Australia’s prolonged period of low wage growth.
Read more at MyBusiness.
